Application of Data Mining in Banking Sector

Abstract

In the era of globalization and cut throat competition the organizations today are striving to gain a competitive edge over each other. Apart from execution of business processes, the creation of knowledge base and its utilization for the benefit of the organization is becoming a strategy tool to compete. The organizations and individuals having right access to the right information at the right moment of time will be the one to rule the system. In spite of having ever growing data bases the problem is that the banks fail to fully capitalize the true benefits which can be gained from this great wealth of information. The banking sector has started realizing the need of the techniques like data mining which can help them to compete in the market. This paper highlights the perspective applications of data mining to enhance the performance of some of the core business processes in banking sector.

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